The Intellectual Investor: Opportunity Equity Weekly Updates
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Most [Many] investment managers are uncomfortable when the construction of the portfolios strays much from the S&P 500. Stock selection is often a byproduct of whether to underweight or overweight this or that industry relative to its makeup in the index. Those decisions, in turn, are heavily influenced by the near-term outlook. Everyone wants to belong to those groups that are “acting well” (going up fast) and underweight those that are lagging. Bill Miller, CFA June 1993
